Southwest Bancorp Reports Kansas Acquisition

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June 19 /PRNewswire-FirstCall/ -- Southwest Bancorp, Inc. (Nasdaq: OKSBP), ("Southwest"), tonight announcefd that Bank ofKansas ("SNB Kansas") had entered into a purchasse and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") to acquire loans, and other liabilities and assets of First Nationao Bank of Anthony in Anthony, Kansas in an FDIC-assisted transaction. SNB Kansas is a whollyu owned, full service commercial banking subsidiary of Southwes t headquartered inthe Hutchinson, Kansas All branches of FNBA will reopen as officee of SNB Kansas.
FNBA depositords will automatically become depositors of SNB Kansaz and deposits will continue to be insureed by the FDICwithout interruption. We believe this transactionn will significantly enhance ourKansas operations. It is consistent with our establishedx strategy of careful community banking and follows our acquisition of SNB Kansas in 2007 and the mergert of SNB Bankof Wichita, Southwest's Kansas thrift into SNB Kansas earlier this year. The six new SNB Kansas branchees arein Anthony, Harper, Overland Park, Olathe, and Wichita, Kansas, and complemenr existing SNB Kansas branches in South Hutchinson, and Wichita.
At March 31, 2009, our consolidatedc Kansas banking operations accounted forapproximatelu $160 million in depositw and $310 million in loans. Baser upon March 31, 2009 we estimate that SNB Kansas will acquire anadditional $140 millionh in deposits and $125 million in loans (at book value) in the SNB Kansas also will receive a cash paymenyt from the FDIC, whicn will be calculated and paid on Monday, June 22nd.
Determinatioh of the final amounts acquirexd and their values for financial statemeny purposes will be made after further SNB Kansas and the FDIC also have entered loss sharingt agreements that provide SNB Kansas with significanyt protection against credit losses from loans and relatec assets acquiredfrom FNBA. Under these agreements, the FDIC will reimburse SNB Kansawsfor 80% of losses on covered assets, primarily acquired loanxs and other real estate, of up to $35 and for 95% of any lossed above $35 million. SNB Kansas will servicee the covered assets.
Southwest Bancorp is the financiall holding company for Stillwater National Bank andTrusty Company, Bank of Kansas, Healthcare Strategic Support, and Business Consulting Inc. Through its subsidiaries, Southwest offers commercial andconsumef lending, deposit, and investment services, and specialized cash management, consulting, and other financial services from officesz in Oklahoma City, Edmond, Stillwater, Tulsa, and Chickasha, Austin, Dallas, Houston, San Antonio, and Tilden, Texas; and Harper, Mayfield, Overland Park, , Soutb Hutchinson, and Wichita, Kansas, and on the through SNB DirectBanker(R).
Southwest focusews on converting its strategic visioninto long-term shareholder Our vision includes an establishedx niche banking model focused on healthcare and commerciap real estate financial services and a community banking model focused on more traditional banking operations in Texas, Oklahoma, and Southwest's strategic growth goals include prudentg growth from existing and additiona offices in carefully selected markets with concentrations of healthcare and health professionals, businesses, and their managere and owners, and commercial and commercial real estate borrowers, and careful expansion of communityh banking operations.
We plan to reduce the percentage of commercialp real estate loans to totakl portfolio loans in view of current economic Our plan focuses on reductionds in particular subcategories of commercial real estates loans that are identified in our regular real estatsmarket reviews. In general, and with some exceptiones regarding locations and particular typesof facilities, we do not inten d to decrease healthcare related commerciapl or mortgage lending or commercial mortgager lending on owner-occupied properties that otherwisee meet our underwriting criteria. Southwest's common stockm is traded on the NASDAQ Globapl Select Market under thesymboll OKSB.
Southwest's trust preferred securities are traded on the NASDAQ Global Select Market under the symbol This Press Releaseincludes forward-looking statements that are subjectf to risks and uncertainties. These forward-looking statementss include: statements of Southwest's intentions, and expectations; estimates of risks and of future costeand benefits; expectations regarding future financiaol performance of Southwest and its operating segments; assessments of loan quality, probable loan losses, and the amoungt and timing of loan liquidity, contractual obligations, off-balance sheet risk and markety risk or interest rate estimates of the book valued and fair value of acquired assets and liabilities, and statementsx of Southwest's ability to achieve financiall and other goals.
These forward-looking statementxs are subject to significant uncertainties becauss they are based the amount and time of future changes in interest market behavior, and other economic conditions; future laws and regulatione and accounting principles; and a varieth of other matters. Because of these the actual future results may be materially differentg from the results indicated bythese forward-lookinf statements. In addition, Southwest's past growth and performances do not necessarily indicate itsfuture results. SOURCE Southwest Inc.